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$11B in Tax Incentives Wasted as Residents Struggle to Make Ends Meet, say NJ Housing Advocates 1/9/2019 New Jersey housing advocates and community developers expressed disappointment today with findings from the State controller’s audit on a NJ Economic Development Authority (EDA) tax incentive program. The audit found that $11 billion of approved incentive awards between 2005 and 2017 was wildly misused and due to lack of oversight and monitoring, the EDA could not determine if the incentives generated any economic benefits to the State. On the audit, Housing and Community Development Network of New Jersey (the Network) President and CEO Staci Berger issued the following statement: “State resources of this magnitude would have kept people in their homes and should have been used make NJ a more affordable place for all. During the time that $11 billion in tax incentives were being distributed, nonprofit community developers were working with a very modest tax credit to strengthen communities, create jobs, and build affordable homes. We have tirelessly encouraged the expansion of the Neighborhood Revitalization Tax Credit (NRTC) program, one of NJ’s biggest public-private partnership success stories, from $15 million to $30 million. Despite the NRTC’s rigorous oversight and proven success, leveraging $5-$7 for every dollar invested, state resources were being siphoned elsewhere. At the same time, the prior governor raided the state’s housing trust fund claiming there was no funding available. “We hope the Murphy Administration and legislative leaders look into every avenue to recoup these tax dollars and going forward, make investments into programs that will help build a thriving NJ.” About the Housing and Community Development Network of NJ For more information: |
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